Recent Story

Friday, 10 February 2017

Zimbabwean banks run out cash, impose $50 withdrawal limit

  Image result for Zimbabwean central banks
 
Banks in a country (Zimbabwe), that has been battling with cash shortages since 2016,    have announced a $50 withdrawal limit per day as cash shortage increases in the country.

Authorities had blamed the externalization of foreign currency, hoarding and other illicit financial outflows.

Banks like CABS, ZB, National Building Society and Standard Chartered had reverted to giving $50 per day in either bond notes or United States dollars while some had run out of cash, forcing depositors to spend hours in queues, Zim News report.

"They did not have enough money hence they were forced to implement limits on withdrawals to ensure that they remain in business," according to CABS official who confirmed the $50 withdrawal limit.
 
However, Met Bank is said to be the only bank giving $300 weekly withdrawals to customers.
Post a Comment

Recent Post